Introducing the FirmTRAK Productivity Panel on Profitability

A study by CBI Insights stated that 42% of businesses fail due to a lack of market.  Similarly, many law firms start down a path of low profitability due to not being able to see what markets represent the largest number of matters.  On the flipside, many firms start down a path of low profitability due to concentrating resources on handling a large number of matters that actually end up having a low profit margin.  How can a firm properly figure out what is profitable vs what will produce a sufficient number of matters/cases?

Truly, profitability can be a tricky concept.  Depending upon the day, your firm can look
like the doors are about to close or that you can buy your own island the next
day.  The majority of data reporting
sticks to comparing revenue with expenses. 
Subtract your expenses from your revenue and your job is done.

Or is it?

FirmTRAK has the unique ability to automatically run your
revenue vs your expenses vs your actual collections over a given time
period.  The only way to truly track your
profitability is to track it over a given time period. 

It gets even better than that – with FirmTRAK, you can see
the following, automatically:

  1. Top 10 area of practice by invoice
  2. Top 10 area of practice by outstanding dues
  3. Top 10 area of practice by gross profit margin
  4. Invoice trend by month over the past year
  5. Expense trend by month over the past year
  6. Collection trend by month over the past year

Once you figure out your trends, you can figure out what
areas of your business to concentrate on improving.  Knowledge is power and, quite often, the
power to save you time and money. 

All of these reports are done for
you automatically when you are synced. 
No reports to run.  No queries to
try to figure out.  Simply see the power
of FirmTRAK at your fingertips.

Here’s more on the power that
FirmTRAK gives your business:

FirmTRAK was designed to solve these problems (and many

FirmTRAK will sit on top of your
current practice management system to automate reporting and analysis of key
performance indicators that will help drive the success and growth of your law
firm.  No more spreadsheets to analyze using a team of people.  The
information is instantly configured and available at your fingertips.  Matters
are tracked according to the time and overall activity. 

Attorneys can work from remote
locations and FirmTRAK will be able to make sure that the time spent working
remotely is effectively tracked and recorded.

You went to law school to follow
your passion for helping people with their legal needs, not to become a
business analyst.  That’s where we come in.

We are so confident that FirmTRAK can help
your firm, that we are offering you a FREE 7-day trial of our program.
Please click here to register for
your FREE 7-day trial today.

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